Bandago Now Accepts Bitcoin Citing ‘Very Attractive’ Transfer Costs

A national van rental company Bandago has begun accepting bitcoin payments for rentals and customizations of vans for events, traveling and entertainment.

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A national van rental company Bandago has begun accepting bitcoin payments for rentals and customizations of vans for events, traveling and entertainment.

Bandago offers vans with TV, DVD, video games, Wi-FI and large storage, for touring bands and musicians, celebrities, family vacations, churches, sports teams, mobile marketing events and film production teams.

Bandago started accepting bitcoin just a few days ago, and the company has already processed a few bitcoin payments for van rentals.

Sharky Laguana of Bandago told Cointelegraph:

“We have been on the leading edge of technology since we got started over a decade ago. We were the first van-rental company to include wi-fi, video games and power outlets with our van rentals, so it was natural for us to offer bitcoin as well. And frankly speaking the prospect of low transfer cost is very attractive.”

In most supported states, renting a fully customized van with WIFI, in-van entertainment systems and power outlets from Bandago would cost customers around US$450 – US$600. Keeping n mind that most of their vans are rented out by bands and production teams for as little as few days to weeks, a single rental could go anywhere from US$500 to US$5,000.

However, using online mobile payment platforms like PayPal could cost Bandago around 10% in transaction fees, which could add from US$50 to US$500 for a single rental.

“Ultimately we benefit if we can accept payment in whatever form the customer wants to pay us. Bitcoin is particularly attractive because of the low transfer cost. But we also like the idea of Bitcoin and are excited about supporting it,” Laguana added.

Bandago is the first van rental company to accept bitcoin, and the only company since 2014 to take bitcoin payments in the car rental industry.

In March 2014, Miami Exotic Car Rental Company began to take bitcoin payments for expensive car rentals, in an attempt to reduce transaction costs. The company said that their rates range from US$200 to US$2,000 per day with the transaction fees for these rentals accounting for around 7% of the total cost.